What Banks Offer Secured Credit Cards?

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Banks such as Wells Fargo, Bank of America, Navy Federal Credit Union, Citibank and U.S. Bank are all examples of banks that offer secured credit cards, according to credit card expert Beverly Harzog. Other banks that have offered secured credit cards include Merrick Bank, First National Bank of Omaha's First National division and SunTrust. Different banks may offer different features with their secured credit cards, such as different annual percentage rates and the opportunity to transition from a secured to an unsecured account after a given amount of time.

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Secured credit cards offer consumers with bad credit the opportunity to participate in the credit system and thereby rebuild their credit scores, notes Bank of America. As of 2015, this bank's secured credit card requires a minimum security deposit of $300. The amount of money paid toward the security deposit is one factor that helps the bank determine what the cardholder's credit limit will be. Consumers who hold a secured credit card from Bank of America may be eligible to transition to an unsecured credit account after a period of 12 months, at which point the bank will review the customer's account. If the customer qualifies for this change, their security deposit is refunded in full, signifying the bank's trust in the consumer's ability to be a responsible credit user.